Axis Mutual Fund ETF Forecast

Axis Mutual Fund ETF upgraded from Hold/Accumulate to Buy Candidate after Tuesday trading session.
(Updated on Jun 25, 2024)

AXISTECETF.BO Signals & Forecast

Mostly positive signals in the chart today. The Axis Mutual Fund ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹370.27 and ₹357.33. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 9.41%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Axis Mutual Fund has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.

Support, Risk & Stop-loss for Axis Mutual Fund ETF

Axis Mutual Fund finds support from accumulated volume at ₹359.51 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved ₹3.68 between high and low, or 0.99%. For the last week, the ETF has had daily average volatility of 1.36%.

The Axis Mutual Fund ETF is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some ETFS may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the ETF manages to break the trend before that occurs.

Our recommended stop-loss: ₹355.98 (-4.94%) (This ETF has medium daily movements and this gives medium risk. The RSI14 is 84 and this increases the risk substantially. There is a buy signal from a pivot bottom found 18 days ago.)

Trading Expectations (AXISTECETF.BO) For The Upcoming Trading Day Of Wednesday 26th

For the upcoming trading day on Wednesday, 26th we expect Axis Mutual Fund to open at ₹373.41, and during the day (based on 14 day Average True Range), to move between ₹368.58 and ₹380.40, which gives a possible trading interval of +/-₹5.91 (+/-1.58%) up or down from last closing price. If Axis Mutual Fund takes out the full calculated possible swing range there will be an estimated 3.16% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ ₹359.51, some ₹14.98 (4.00%) from the current price of ₹374.49, our system finds the risk reward attractive.

Is Axis Mutual Fund ETF A Buy?

Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Axis Mutual Fund ETF to perform well in the short-term period. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 3.506 Buy Candidate Upgraded

Predicted Opening Price for Axis Mutual Fund of Wednesday, June 26, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.